Real Estate Investment Underwriter

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Begin a fulfilling career with the State of Indiana by joining one of the largest employers in the state, offering a range of opportunities across 60+ agencies. At the state, you'll find competitive compensation, a robust benefits package and a commitment to work-life balance. Most importantly, you'll have the chance to make a real and measurable impact on the lives of Hoosiers across Indiana.

The Indiana Housing and Community Development Authority (IHCDA) is a quasi-agency of the State of Indiana and is committed to serving the entire spectrum of housing, from homelessness to home ownership. Our charge is to provide housing opportunities, promote self-sufficiency, and strengthen communities, in order to build an Indiana with a sustainable quality of life for all Hoosiers in the community of their choice.

To learn more about IHCDA visit us at:

The Real Estate Underwriter contributes to fulfilling the IHCDA mission and meeting strategic and annual IHCDA operational and program goals by (1) analyzing applications for federal and state funds utilizing established procedures and guidelines and (2) performing ongoing financial analysis for IHCDA funded developments, particularly HOME and HTF funded properties during their affordability periods. A high level of critical thinking, accuracy and attention to detail is required in order to reach sound decisions.

The salary for this position traditionally starts at $46,000.00 but is commensurate with experience.

Performance will be evaluated based on:

• Achieving the key outcomes and demonstrating the knowledge, skills, and abilities as described in this job description;
• Meeting all personal SMART goals agreed upon each year;
• Meeting all project deadlines, and other quality indicators;
• Working effectively and efficiently in a team environment, within the required specifications, policies, and standards as established by IHCDA and its associated governing entities; and
• Interacting positively with external partners by demonstrating quality customer service and proactive communication.

• Review applications for financial assistance based on established criteria for all IHCDA Real Estate Department programs including, but not limited to, Section 42 low-income housing tax credits, tax-exempt bonds, HOME Investment Partnership Program, the National Housing Trust Fund, and the Indiana Affordable Housing Development Fund.
• Analyze financial and operating data to ensure projects are financially feasible and sustainable, considering factors such as loan or grant structure, stability and sufficiency of NOI, condition of the property, rental or sale market, and project history.
• Assess financial strength, experience, performance, and capacity of applicants, borrowers, grantees, principals, and sponsors.
• Assist in the review of market studies to assess demand and validate absorption rates.
• Propose financing structures and loan terms that are in the best interests of the applicant as well as IHCDA.
• Offer creative solutions when possible, if terms originally requested don’t adequately or appropriately address the project’s needs
• Communicate effectively with applicants and other team members to resolve questions and obtain additional information to keep the application process moving in a timely manner.
• Meet with developers and other partners to discuss potential projects, underwriting questions or concerns, etc.
• Respond with technical assistance to applicants who fail to meet the established criteria.
• Assist the Real Estate Department with preparing letters of interest, commitment letters, board memos, and other key documents as directed.
• Research and compile information related to trends in market demand, rental rates, operating expenses and other data that will improve the underwriting knowledge base.

• Review final tax credit applications and supporting documentation such as partnership agreements, loan documentation, and certificates of occupancy.
• Ensure that the final application…